This ia a braid made using a Japaneses technique called kumihimo.I am making it an a foam board sold in the plastic lace isle at my craft store.(Boodgogle supplies).
The ring is only used as a weight to help drag the cord down thought the hole. I know people who use fishing weights, jewelry, coins with holes in them. This is one of the simplest patters.
Here you see the threads all stretched out. .
I took the right top red thread and brought it down to the right most side of the red threads at the bottom then I brought the left most bottom thread and brought it up to the left most side of the top red thread
Then I turned the wheel left (counter clock wise) and start with the green and white.
I pull the top right (white) thread, and place it at the right most side of the bottom. Then I take the bottom most left thread (white) and move it to the top left position. then I turn the wheel left again. Repeat with the red. As long as you don't cross over and you keep the pattern going you will get the spiral design that is in the top photo
see a video on YouTube